BANYAN Tree Holdings, known for its luxury hotels around the region, is looking to branch out into the midscale segment in India.
Speaking at Hotel Investment Forum India, executive chairman Ho Kwon Ping said: “We are planning to foray into new segments beyond ultra-luxury because when we started in that segment, nobody was there. But now we are looking to operate other segments like four-star hotels and service apartments.”
While he declined to divulge further details, Ho told TTG Asia e-Daily that the first of such a property is expected to open in the second half of 2014.
He added that India holds great potential for the midmarket segment and the country would see such openings from Banyan Tree Holdings.
“We entered India as a high-end luxury resort company. But we feel that the demographic of India just doesn’t need luxury hotels,” he said.
The company’s first project in India, Banyan Tree Kerala (TTG Asia e-Daily, July 8, 2013), has repeatedly delayed its opening due to environmental and licensing issues.